There's no way the price of the PS4 is going to drop in the first year. If you know you won't be waiting at least 2 years, I don't think there's a point in delaying the purchase. Even then, you might get a version with more HDD space for the same price, or see a cut of at most $50, or $2/month of waiting. The much bigger price saving is going to come from buying used games that have been out for a while already. Great for single player games (I did that a lot with the 360), but it sucks playing multiplayer games when people already have thousands of matches under their belt and/or have moved on to other things.
I just preordered Destiny on Amazon and got my code for the beta, which is scheduled to take place in early 2014. Then the whole PS3 cloud gaming is supposed to start in 2014, which means I finally get to experience the awesomeness that is Uncharted. Honestly, I don't think there'll be a lack of content between now and the first price drop. Might as well get in now...